Research On The Impact Of Analyst Attention On Debt Financing Costs Based On Information Disclosure Qualit

Effective cost control is the main way for enterprises to reduce costs,improve efficiency and increase profits.Cost control involves many links such as financing,management and operation.From the perspective of financing,debt financing is an important part,so the cost of debt financing should be taken seriously as the property of debt financing.In fact,the difference of debt financing costs is closely related to the information asymmetry between creditors and operators,and high-quality information disclosure will often alleviate this asymmetry.As an important participant in the capital market,analysts’ "pressure effect" and "supervision behavior" will promote the production of high-quality information of enterprises.So,if the analyst’s attention,the quality of information disclosure and the cost of debt financing are included in the same research framework,the relationship between the three will be very worthy of our in-depth exploration.In view of this,we take the operating conditions of A-share listed companies in Shenzhen Stock Exchange from 2010 to 2021 as a sample to carry out regression verification.The results show that improving the quality of information disclosure and the attention of analysts with a lag of one period can help reduce the cost of corporate debt financing in the current period,the quality of information disclosure can play an intermediary role;Compared with state-owned enterprises,this intermediary role is more obvious in non-state-owned enterprises.Both "information environment" and "financing constraints" will play a moderating role in the impact of analysts on debt financing costs,especially in areas with poor information environment and high financing constraints.On this basis,we puts forward countermeasures and suggestions to strengthen the supervision of the professional quality of external analysts,strengthen the rectification of the enterprise information environment,and improve the interpretation level of investors’ analysis reports,aiming at strengthening the operational efficiency of the capital market.